Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.62% against the USD and closed at USD49.56 per barrel, on signs of rising oil output in Libya and concerns whether OPEC’s agreement to extend production cuts by another nine months will be deep enough to draw down bloated storage levels around the world.
In the Asian session, at GMT0300, the pair is trading at 49.33, with the oil trading 0.46% lower from yesterday’s close.
The pair is expected to find support at 48.93, and a fall through could take it to the next support level of 48.53. The pair is expected to find its first resistance at 49.83, and a rise through could take it to the next resistance level of 50.33.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
